St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-01-16
ST. PAUL REAL ESTATE
The Past Week Proves to Have Been One
of the Most Active We
Have Had.
Demand for Business Property Continues
With Increased Activity and
Large Sales.
st. Peter Street and Broadway Prop
erty Seems to be Rapidly Coming
Into Demand.
Proposition in Regard to Trading
Smith Park for the Present
Custom House.


shows that the people who want the
EARTH are not discouraged by sIowstorms.
cold weather or ice carniva' frolics. Con-
sidering the snowstorm and the general alb
sorptiOn of mems minds in the carnival
preparations the past weeks work has been
large. Heretofore the weekly transfers
have amounted to about half million dol
lars, but this week they run up to three
quarters of a million. The city has never
had so steady, quiet and persistent demand
for real estate as now. There have been
here and there a few weeks of heavier
sales. but those were under peculiar and
unusual circumstances. Now there; is
nothing special to call out any unusually
large movements, and yet the week under
cOnside. alton proves to be one of the
largest ever had Good property is looked
after Sellers do not have to seek Cts
toners, but customers are continually
seeking sellers, and hunting property for
themselves. If the coming spring and
summer are equal to these winter months
st. Paul will undoubtedly see remarkable
year in real estate. At present the call is
generally for business property, which is
bought readily and much sought
after, especially by people from the
outside. The inquiry for this kind of prop
erty has extended into Kittson's addition,
east of Broadway. and several purchases
have been quietly made i'll the heretofore
neglected district. People are beginning
to realize more than ever that with the
great growth of the city in all directions a
larger space must be occupied by the bust
ness center. 1t cannot be confined within
five or six blocks. The large insurance
,Nf -, ~, oI1
of three of them, looking for favorable sites
for investment. They realize that it will
pay better income than they can realize
from bonds of corporations or notes and
mortgages. The New York Life 1nsur-
ance company has written more policies by
reason of its purchase on the corner of
Minnesota and Sixth streets than was
ever written by one company
in the city in the same time
Some of the great insurance companies
have been quick to realize the situation and
are now considering the ACCESSIBILITY of large
investments in ST. Paul. Refusals on some
Of the best business corners have been So
licited, and it would not be surprising if,
during the next season, there should be a
half dozen great moneyed corporations com
peting to see which can erect the finest
building in the city. Inquiries have taken
decided turn eastwardly, taking Broad
way as the center, and it is well understood
among real estate dealers that several pur-
chases have either
BEEN CONTRACTED FOR
or actually consummated OH that thorough
fare. 1t is quite certain that the old rock
cries ana shantieS between Sibley and
Broadway will soon have to be, removed,
and that the next year or two will witness
revolution in this hitherto neglected dis
trict. Deeds for over twenty lots in Sylvan
park have been delivered during the past
week and it is learned that thirty-three lots
were sold in that addition during one day
last week. Acres in reserve township, or
on the Transfer, or anywhere in the Midway
district. are in good demand. Purchases
north of Seventh street, between Wabasha
and Jackson. are quite frequent. and Cedar
street seems to be coming to the
front out as far as Tenth. AS a
sample of the prices now paid it
may be stated that a lot on Cedar street,
north of Seventh. sold for $500 per front
foot few days since. The same may be
said about st. Peter street, but with even
more force. Within the last six months
this well known thoroughfare has been
continually challenging the attention of
real estate purchasers and business men
generally. 1t is surprising that the condi-
tons surrounding this street, which are
such as to necessarily cause it to be a
remarkably good business street, should
have been so long disregarded and over
looked. c. NJ. Dttman and several
others Of the shrewdest buyers in St. Paul
have recently picked up several business
lots on St. Peter street, and they are look
ing for more. Those who own property
on that street do not appear quite so
anxious to SELL and seem to be more dis
posed to wait and see what is going on.
When one surveys the map he will easily
see that st. Peter street is very favorably
located for business, indeed. 1t passes
through well-peopled district, and,
besides, those who reside both east and
west of it are thrifty, welI-to-do people.
1t is also one ofsthe principal arteries out
into the country. During the whole of the
last year property all along this street has
been steadily improving. The recent sale
of a lot on the
CORNER OF NINTH AND ST. PETER
and one on the corner of Fifth and the
same street has caused renewed attention to
be paid to this street. 1t is possible that
carnival week may somewhat interfere with
trade but it looks now as though business
would be very active for the balance of the
winter. One thing is very peculiar in this
market. Local investors are not unfre-
quently disappointed in their contemplated
trades. They know, or ought to know the
value of property better than outsiders, and
therefore ought to be able to make ND their
minds about buying without trouble. In
many instances they still hesitate and do
not make up their minds. In the mean
time an Eastern man steps in and closes
the contract at once. and choice piece of
property has been picked up while the local
buyer is still doubling and considering.
This is no fancy sketch. but actual fact.
Lot II, block +, st. Paul Proper sold a few
days ago for S35 600, or, at the rate of
500 per front foot, This lot is located on
the north side OF Sixth street, near Mime.
sofa, and what is particularly
noticeable about it is that all last
summer it was offered over and
over again onthe market for $500 per front
foot and no one could be found to take it,
Now, in mid winter, it sells for nearly
double the price asked for it few months
ago. a new project has been preached bv
which new use is proposed to be made of
Smith park. Now that the title has been
fully settled to it, and the city owns it, free
of all restrictions, and the United States
desires more land for a large public bufIdirffg,,
which cannot be obtained on Wabasha
street without heavy outlay, it is sug9
gested' that it would be wise move to
make an exchange with the government BY
selling to it Smith park, or which to erect
a eostetfice and custom house, and take in
part payment therefor the present post
office and convert it into public library
building. 1t is claimed that this would
give the city a much-needed library build
ing, and at the same time it would give
the United States an elegant block of lard
on which to erect a public building com
mensurate with the needs of the times.